• Dogecoin has a bullish market structure after breaking out of a 2-month range.
• The lower timeframe support levels signaled that a deeper short-term retracement was possible.

Dogecoin [DOGE] saw a 46% price surge from Thursday, the 8th, to Saturday, the 10th of May. This impulsive move saw DOGE break out beyond a two-month range.

The 11 hours preceding press time saw a 7% retracement from $0.25, with the memecoin trading at $0.233.

In a post on X, analyst Ali Martinez noted that whales accumulated 600 million DOGE, worth nearly $140 million at press time. This heavy demand during the breakout meant that further gains were likely, although a short-term retracement was possible.

Bullish breakout reinforces Dogecoin investor faith

The two-month range formation reached from $0.142 to $0.195. The mid-range level at $0.169 served as support for almost two weeks before the price breakout. In doing so, it surpassed the 78.6% Fibonacci retracement level as well.

The Fib levels were plotted using the November 2024 rally. Dogecoin had almost fully retraced that rally in 2025, but its breakout gave investors hope once again. Trading volume was high as well.

The CMF was at +0.18 at press time to indicate significant capital inflows to the market. This lined up with the whale demand witnessed in recent days.

The Fibonacci levels plotted for the recent breakout showed that $0.214 and $0.204 were key retracement levels that could be retested.

The Money Flow Index has formed a bearish divergence over the past two days, and a price pullback followed.

The MFI has reset to neutral levels, which means that DOGE might not fall any lower than $0.222. Therefore, in the coming days, the memecoin would likely see a bullish reaction from the $0.204-$0.222 region.

The liquidation heatmap of the past week highlighted the price’s steady, sustained move higher. During this move, brief pauses were spotted, which allowed short liquidations to build up above the price. Once hunted, they contributed to the upward momentum.

At press time, both the $0.238 and $0.225 levels were notable magnetic zones for Dogecoin to move toward.

The $0.225-$0.216 region was a liquidity cluster and lined up with the technical support levels outlined earlier.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion